Australian Securities and Investments Commission (Standing Acting Arrangements for Chairperson) Appointment 2018 (No 2)

Overview

The Australian Securities and Investments Commission (Standing Acting Arrangements for Chairperson) Appointment 2018 (No 2) was enacted to address the need for continuity in leadership at the Australian Securities and Investments Commission (ASIC) by establishing standing acting arrangements for the Chairperson. This notifiable instrument was made by Kelly O’Dwyer, the Minister for Revenue and Financial Services, Minister for Women, and Minister Assisting the Prime Minister for the Public Service, under section 117 of the Australian Securities and Investments Commission Act 2001. The policy objective of this instrument is to ensure that ASIC maintains effective oversight and regulation of financial markets and services, even in the absence of the Chairperson. The instrument revokes all previous appointments made under section 117 and provides for the appointment of a senior available member of ASIC to act as Chairperson when the actual Chairperson is absent from office.

Scope and Application

The Australian Securities and Investments Commission (Standing Acting Arrangements for Chairperson) Appointment 2018 (No 2) provides for the appointment of an acting Chairperson of the Australian Securities and Investments Commission (ASIC) in the absence of the substantive Chairperson. This instrument revokes all previous appointments made under section 117 of the Australian Securities and Investments Commission Act 2001 and establishes a new order of seniority for the acting Chairperson. The Minister for Revenue and Financial Services, Minister for Women, and Minister Assisting the Prime Minister for the Public Service, Kelly O’Dwyer, made this appointment under section 117 of the Australian Securities and Investments Commission Act 2001. The appointment is effective from the date of registration on the Federal Register of Legislation. The Act applies to ASIC and the persons appointed as acting Chairperson according to the order of seniority. The Act does not specify any exclusions, exemptions, or thresholds. The application of the Act is national in scope, as it is a Commonwealth instrument. The Act does not extend or restrict application through subordinate instruments.

Key Provisions

The Australian Securities and Investments Commission (Standing Acting Arrangements for Chairperson) Appointment 2018 (No 2) primarily concerns the appointment of an acting chairperson for the Australian Securities and Investments Commission (ASIC) in the event the current chairperson is unable to perform their duties (section 1). This instrument revokes all previous appointments made under section 117 of the Australian Securities and Investments Commission Act 2001, establishing a new framework for acting chairpersons. According to section 2, the person appointed to act as the chairperson during the absence of the current chairperson is determined by their rank in a specific seniority list: Peter Kell, Daniel Crennan, John Price, and Cathie Armour. The individual highest on this list who is available and not absent from office at the beginning of the chairperson's absence will act as chairperson for that period (section 3 and 4). However, if the acting chairperson ceases to be the most senior available appointee at any point during their tenure, the next person in the list takes over for the remainder of the period (section 5). The instrument comes into effect on the day it is registered on the Federal Register of Legislation (section 6). The Act imposes specific obligations on the individuals listed for acting chairperson roles. Each must be a member of ASIC, not absent from office, and available to serve in the absence of the chairperson. The senior available appointee at the time of the chairperson's absence is required to assume the role of acting chairperson. This requirement ensures a seamless transition in leadership and maintains the continuity of ASIC's operations. The appointees must also adhere to the established seniority list, which dictates the order of succession for the acting chairperson position. Breach of the provisions outlined in this instrument may not explicitly detail specific offences, penalties, or consequences within the text provided. However, under the Australian Securities and Investments Commission Act 2001, failure to comply with the requirements for acting as chairperson or other breaches of the Act may lead to various legal consequences. These could include civil penalties, criminal charges, or other enforcement actions as determined by the relevant authorities. The specific penalties for such breaches are not detailed in this instrument but would be governed by the broader provisions of the Australian Securities and Investments Commission Act 2001, which could involve fines, imprisonment, or other sanctions as deemed appropriate by the courts.